三星、SK海力士财报同日对决，双双冲刺史上最好业绩，HBM4之争全面升级

Core Viewpoint - The global memory chip market is experiencing a price surge due to tight supply and strong demand, with Samsung Electronics and SK Hynix set to release their Q4 2025 earnings on January 29, marking a significant moment in the industry's cyclical recovery and competition in profit performance and capital expenditure [1] Group 1: Earnings Projections - Samsung Electronics is expected to report a historic quarterly revenue exceeding 90 trillion KRW, with operating profit projected to surge by 208% year-on-year, potentially making it the first Korean company to achieve over 20 trillion KRW in quarterly operating profit [1][4] - SK Hynix's quarterly operating profit is anticipated to reach at least 18 trillion KRW, despite its reliance on HBM limiting benefits from traditional DRAM price increases [1][4] Group 2: 2026 Performance Outlook - Analysts predict both companies will enter the "100 trillion KRW operating profit club" in 2026, with Samsung's operating profit projected at around 150 trillion KRW and SK Hynix's at over 100 trillion KRW [3][5] - Capital expenditure plans are significant, with SK Hynix expected to exceed 30 trillion KRW in 2026, focusing on the M15X fab and other projects, while Samsung plans to increase investments in HBM production and expand its facilities [3][5] Group 3: HBM4 Technology Competition - The competition in HBM4 technology is intensifying, with both companies delivering paid final samples to Nvidia, which will influence future market share [6] - Samsung aims to challenge SK Hynix by utilizing 1Cnm process technology for HBM4, potentially offering higher transmission speeds, while SK Hynix is expected to maintain a dominant share in HBM supply [6]